CT Realty, in joint venture with PGIM Real Estate, the real estate
investment and financing business of PGIM, the $1.5 trillion global
asset management business of Prudential Financial (NYSE: PRU) has
acquired 282 acres of industrial land for the development of Garden
State Logistics Park, a 1.7 million-square-foot state-of-the-art
logistics center in Pennsville, NJ. Development is already underway
on the site, with delivery of the project slated for the third
quarter of 2023.
“This is an exceptionally rare opportunity to assemble a
critical mass of land and create a top-flight logistics project in
the second largest industrial market in the country,” said Rob
Huthnance, who oversees CT’s development activity in the Eastern
U.S. “This project is at the gateway to Southern New Jersey and
will serve as a distribution hub for the entire Northeast, able to
serve 66 million consumers in a single day’s truck drive.”
The land sale was represented by Brian Fuimara at CBRE, though
the terms of the transaction are undisclosed. CBRE will also
represent the buildings for lease or sale through its New Jersey
and Philadelphia offices.
Garden State Logistics Park is located at the former Deepwater
property next to the Delaware Memorial Bridge at I-295 in
Pennsville, NJ, and is minutes from I-95 and access to the entire
regional logistics transportation network. The project will include
two modernized distribution buildings measuring 1,200,507 square
feet and 512,442 square feet, with 40-foot clear heights and either
cross-dock or front-loaded building configurations.
The project was approved for a New Jersey PILOT agreement
(payment-in-lieu-of-taxes) in 2021, a tax incentive that spurs
development and employment, and one that reduces the occupancy cost
for new users. “In an ultra-tight industrial market marked by
upward pressure on rents, the PILOT designation produces a
meaningful cost savings for large tenants,” added Huthnance. “The
ability to deliver this tax benefit in brand new building designs
with cutting-edge functionality presents a compelling case for this
project.”
Garden State Logistics Park represents yet another strategic
acquisition in CT Realty’s national portfolio of 20 million square
feet of Class A industrial buildings. CT will complete three
buildings totaling 1.7 million square feet in Jacksonville, FL
later this year, and just delivered two buildings in Mt. Comfort,
IN, for just over 1 million square feet. The company also has 2
million square feet under development in Columbus, OH, part of a
5.5 million-square-foot logistics park and has another 1 million
square feet under construction in Atlanta.
About CT
Since its establishment in 1994, Newport Beach, Calif.-based CT
Realty has completed over 300 transactions and has more than $5
billion in its current development pipeline. CT is focused on the
acquisition and development of Class A industrial logistics
properties throughout the U.S., having acquired 2,400 acres of
industrial land since 2010 that will support 32 million square feet
of buildings upon completion. CT has active developments in
California, Dallas/Ft. Worth, Atlanta, Florida, Illinois,
Indianapolis, Columbus, OH, and New Jersey, and continues to expand
into new markets nationwide. Visit their website.
About PGIM Real EstateAs one of the largest
real estate managers in the world with $209.3 billion in gross
assets under management and administration1, PGIM Real Estate
strives to deliver exceptional outcomes for investors and borrowers
through a range of real estate equity and debt solutions across the
risk-return spectrum. PGIM Real Estate is a business of PGIM, the
$1.45 trillion global asset management business of Prudential
Financial, Inc. (NYSE: PRU). PGIM Real Estate’s rigorous risk
management, seamless execution, and extensive industry insights are
backed by a 50-year legacy of investing in commercial real estate,
a 140-year history of real estate financing2, and the deep local
expertise of professionals in 32 cities globally. Through its
investment, financing, asset management, and talent management
approach, PGIM Real Estate engages in practices that ignite
positive environmental and social impact, while pursuing activities
that strengthen communities around the world. For more information
visit pgimrealestate.com.
About PGIMPGIM, the global asset management
business of Prudential Financial, Inc. (NYSE: PRU), ranks among the
top 10 largest asset managers in the world3 with more than $1.45
trillion in assets under management as of Dec. 31, 2020. With
offices in 17 countries, PGIM’s businesses offer a range of
investment solutions for retail and institutional investors around
the world across a broad range of asset classes, including public
fixed income, private fixed income, fundamental equity,
quantitative equity, real estate and alternatives. For more
information about PGIM, visit pgim.com.
NOTE: Prudential Financial, Inc. (PFI) of the United States is
not affiliated in any manner with Prudential plc, incorporated in
the United Kingdom, or with Prudential Assurance Company, a
subsidiary of M&G plc, incorporated in the United Kingdom. For
more information, please visit news.prudential.com.
1 As of Dec. 31, 2021. AUM reflected as gross. Net AUM is $137.9
billion and AUA is $45.9 billion.
2 Includes legacy lending through PGIM’s parent company,
Prudential Financial, Inc.
3 PGIM is the investment management business of Prudential
Financial, Inc. (PFI); PFI is the 10th largest investment manager
(out of 477 firms surveyed) in terms of global assets under
management based on Pensions & Investments’ Top Money Managers
list published on May 31, 2021. This ranking represents global
assets under management by PFI as of Dec. 31, 2020.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dda0d2e3-31ea-4e69-85e3-2441da8ea176
Stacey Hershauer | 480-600-0195stacey@focusaz.comRandy Hall |
714-263-8723randy@ideahall.com
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